Chinese app Sina Finance is introducing its users to a whole new cryptocurrency index. Users will now be able to monitor the goings-on of their favorite digital assets, including bitcoin, bitcoin cash and Ethereum, and see how they’re doing in terms of prices and news trends.
Sina Finance Could Bring China and Crypto Back Together
At press time, the application is only available for mobile devices. Those who have Sina Finance on their computers or laptops won’t be able to access the cryptocurrency index, but it’s still a step in the right direction. The Global Times has stated publicly that cryptocurrency is necessary if China is to thrive, explaining:
If China cannot participate in this new phase of the digital economic revolution, then it may find itself in a passive position within currency competition, not to mention it could lose its advantages within the internet and financial technology sectors.
China has had a very odd relationship with cryptocurrencies. For the most part, the country has profited greatly from mining and similar crypto-related activity, though recently, the nation took heavy action against all cryptocurrency mining, exchanges and initial coin offerings (ICOs), banning the latter two and threatening to do so with the former, though a stance against bitcoin and related crypto mining has yet to become a reality.
It’s unclear if the country is just throwing out empty threats when it comes to mining, or, for lack of better terms, it’s just being lazy. For many years, bitcoin mining has been on a list in China of potentially hazardous activities that pose threats to the Earth’s atmosphere. It has long been stated that bitcoin mining will be banned in the coming future as a means of protecting the planet, though at press time, this has yet to occur, and the Chinese government doesn’t seem to be pushing the ban any further.
However, individuals have little to no access to cryptocurrency exchanges or digital wallets, and ICOs have generally become a thing of the past, though this certainly has its positives.
Why ICOs Have Largely Disappeared
ICOs were once considered a solid and popular means of garnering capital and funds for a new startup, though as of late, they have seemingly dropped off the financial map, as several have tuned out to be phony or fraudulent. Several companies use ICOs to gather the funds they need to complete or begin their operations. Investors give their money in exchange for a new coin that they can use to access the company’s goods and services.
The problem is that many of these companies disappear halfway down the line. The money they received either wasn’t enough to move forward, or they were fraudulent from the beginning and sought only to steal money. The companies walk away with their funds, while investors are left with empty wallets and bruised egos.